Crude Oil Price Gains Momentum, Relies on Channel Support – Forecast for March 18, 2024

by Jennifer

The price of crude oil has demonstrated renewed positive momentum following a period of consolidation above the support line of the bullish channel. This development anticipates further upward movement in the intraday and short-term periods, with our next target positioned at 82.60.

A successful breach of this targeted level is likely to propel the price towards 83.75 as the subsequent positive milestone. It is noteworthy that the EMA50 continues to reinforce the suggested bullish trajectory, which remains valid unless the price breaks below 80.60 and maintains a hold below it.


Today’s anticipated trading range is expected to fluctuate between the support level at 80.00 and the resistance level at 83.00.


Trend Forecast: Bullish

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